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What Neuroscience Reveals About Buying Decisions

90+% of consumer decisions are driven by unconscious emotions and feelings. Their decisions are under many invisible influences in highly predictable ways.

Researchers at Duke University did a study to see whether consumers evaluate products in a rational manner. They asked subjects how much they would pay for a bottle of wine. Before that, though, they asked the subjects to write down the last two digits of their social security number.

Neuromarketing Buying Decisions

Surprisingly, those who wrote down higher numbers were willing to pay 200-300% more than those who wrote down lower numbers. The perceived value was determined by a completely unrelated number. This finding reveals the important role of the unconscious mind in our buying decisions.

Understanding Consumers’ Decision-Making

Over the past 100 years, advertising agencies have been trying new ways to sell. Some of them have worked, but many have failed miserably. Most people remember the “New Coke” debacle. Coca Cola launched a new product and spent tens of millions of dollars promoting its new taste. The attempt was an utter failure. Consumers simply rejected “New Coke” because it was not just the taste that drew Coke lovers to the brand.

Neuromarketing Buying Decisions

From Ford’s Edsel to Sony’s Betamax video recorder, costly marketing flops are easy for most people to recall. What all marketing failures have in common is a lack of knowledge of the consumer’s decision-making process. Neuroscientists have helped us learn what makes consumers buy, using brain-imaging technology. Consumers make most decisions quickly and subconsciously, without much thinking. Understanding why people decide what to do and what not to do can help businesses avoid costly mistakes. Triggering your customers’ buying decisions can drive up your sales and profits.

Power Up Your Sales Conversion with Neuroscience

The phenomenal success of the best-known online businesses is due in part to applied Neuromarketing research. Over the past decade, Neuromarketing has become a primary guiding force. Although unnoticeable by the average consumer, its subtle impact on sales and conversions is remarkable. Many of the recent design changes on Amazon, Facebook and countless corporate websites are powered by Neuroscience research. The effect on profitability can be dramatic.

Smaller businesses, too, are recognizing the need for these techniques. Many are trying to implement Neuromarketing on a piecemeal basis. After only spotty results, though they’re turning to the few Neuromarketing firms for help. These scientific approaches work best when integrated throughout an overall marketing plan.

How Loss Aversion Bias Impacts Buying Decisions – Unconsciously, consumers try avoiding risks and losses. This tendency makes them slow in deciding. Learn how to motivate your customers to buy.
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